Corporate Affairs Ministry launched ‘C-PACE’ to wind up inactive companies

Current Affairs

  • The Ministry of Corporate Affairs (MCA) has moved a step forward by centralising the strike off process of companies with the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE). 
  • The establishment of the C-PACE will help to reduce the stress on the Registry along with keeping the registry clean besides availability of more meaningful data to the stakeholders.
  • The C-PACE will also benefit the stakeholders by providing a hassle-free filing, timely and process-bound striking off their company’s names from the Register. 
  • The setting up of the C-PACE is part of the several measures taken by MCA in the recent past towards Ease of Doing Business and ease of exit for the Companies.
  • The C-PACE institution, established under sub-section (1) of section 396, shall be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.
  • With the inception of the C-PACE, the strike-off process of the companies has been centralized. This will help in reducing the pressure on the MCA Registry.
  • Apart from this, it will also ensure that the registry is kept clean, providing more meaningful and accurate data to the stakeholders.

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